How far back can quickbooks import credit card transactions

How far back can quickbooks import credit card transactions how to#

Then you can fill in any other transactions you havenвЂ™t recorded previously. As you record your bill payments and your customersвЂ™ invoice payments, QuickBooks updates your bank balance. YouвЂ™ll have an accurate view of which invoices and bills are paid in full, which are partially paid, and which arenвЂ™t paid at all. Paying attention to these two guidelines will pay off big for you later on. That way QuickBooks knows which bills youвЂ™ve paid and what invoices your customers have paid. Likewise, if a customer has sent you their payment, then QuickBooks needs to know what invoice the payment is for. If you tell QuickBooks youвЂ™ve made a payment, QuickBooks needs to know what bill that payment is for. You must enter bills and invoices first before you enter payments. So the only bank transactions youвЂ™ll have to enter in your bank account are those that are still missing after you finish entering transactions for accounts payable, accounts receivable, and payroll. You want to do this because your Accounts Payable and Accounts Receivable accounts affect your QuickBooks bank accounts (but not the actual account at your bank). This may seem counterintuitive, but stay with me here. There are two important guidelines to keep in mind as you enter historical transactions:Д®nter transactions in your bank accounts last. Remember, though, that your account balances may be off until youвЂ™ve entered all the transactions back to your start date. Try breaking them into digestible chunks, like a week or monthвЂ™s worth at a time. Then catch up with historical transactions when you can. Go ahead and start entering current transactions as they occur so you donвЂ™t get behind. You donвЂ™t have to enter all your past transactions before you start using QuickBooks. So this is important to know: You can enter historical transactions at any time. You probably have current transactions happening right now that you need to record, as well as get your historical data into QuickBooks. Just because you starting to use QuickBooks doesnвЂ™t mean your business has stopped running. AccurateВ sales tax reports for any period after your start dateДo I wait to enter current transactions until I get the historical data in?.Accurate year-to-date profit and loss statements.Up-to-date records of what customers owe you and what you oweВ vendors.The ability to reconcile your bank and credit card statements with yourВ QuickBooks bank and credit card accounts.Accurate balances in your bank accounts and all other accounts.

After you enter your transactions from your start date up to today, youвЂ™ll have: Why enter my historical transactions?Д®ntering historical transactions gives you an accurate look at how your company is doing in the present and over time.

If youвЂ™re in doubt about what your start data should be, check with your accountant. YouвЂ™re just starting your QuickBooks file at a moment in time. So you should enter all your past transactions back to January 1 of this year.ДЄ little confused? DonвЂ™t be. You set the company fileвЂ™s start date to January 1, even though youвЂ™ve been in business for three years already. For example, letвЂ™s say your new yearвЂ™s resolution was to move your business finances from spreadsheets to QuickBooks. Your business may have existed for longer than that start date, but thatвЂ™s OK. If you entered a start date in the past, youвЂ™ll need to enter all historical transactions from that start date through today. When you created your company file, you entered a start date for your company. But even if you donвЂ™t have all the historical data in your company file, you can (and should) still keep going with entering new transactions along the way. It may take some time to get everything in there. And as with most moves, you probably wonвЂ™t do it all in one fell swoop. ItвЂ™s moving day! Only instead of moving offices, youвЂ™re moving your data into QuickBooks. But for now, hereвЂ™s a birdвЂ™s eye view of what you need to do. Over the next few days, lвЂ™ll post more articles with details of what I talk about here.

How far back can quickbooks import credit card transactions how to#

Part 1: Overview | Part 2: Vendor transactions | Part 3: Customer transactionsДЄuthorвЂ™s Note: This is the first-a brief overview - in a series of articles explaining how to get your business history into QuickBooks.